Pepsi to buy Israel’s SodaStream for $3.2 billion

Ramon Laguarta, who will take over from Nooyi as PepsiCo boss later this year, said: "SodaStream is highly complementary and incremental to our business, adding to our growing water portfolio, while catalyzing our ability to offer personalized in-home beverage solutions around the world".

Pepsi will pay $144 per SodaStream share in cash, representing a 10.9% premium to Friday's closing price of SodaStream's US-listed stock and a 32% premium to its 30-day average.

Pepsi will buy SodaStream for $3.2 billion, the company announced Monday.

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"With sugary carbonates and juices struggling and no turnaround in sight, mitigating the losses through newer and healthier products will be essential for PepsiCo", said Euromonitor International analyst Matthew Barry.

SodaStream, which is listed on the NY and Tel Aviv stock exchanges, has not been immune to the complex politics in its home region. In 2014, PepsiCo tested sales of homemade brands through the Israeli company's system.

The purchase, which is expected to close by January 2019, will see PepsiCo, most famous for the Pepsi soft drink, acquire a company that specializes in the production of home fizzy drink dispensers.

Waning soda consumption and environmental concern have led soft-drink producers to try to tap the at-home market, though success has been elusive. Over the years, many users have used Sodastream only for making fizzy water, without the flavored syrups it sells.

Citing financial reasons, Sodastream closed the plant in 2015 and moved to Lehavim, in southern Israel.

Earlier this month, SodaStream reported its strongest results in company history, a 31pc year-over-year jump in revenues to $172m, an 89pc leap in operating profit to $32m and an 82pc climb by net profit to $26m. The deal will give the brand access to PepsiCo's distribution capabilities, global reach, R&D, design and marketing expertise with the aim of fuelling expansion and innovation. The company went public in 2010.

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